VA Jumbo Loans #va #streamline #loans

VA Jumbo Loans

Even though a VA guaranteed loan doesn’t have a maximum loan amount, lenders prescribe to the GNMA (Ginne Mae) standards and limit the size so that they can be sold in the secondary market.

A loan would be considered a jumbo loan when the loan amount reaches or goes above $417,000. Jumbo Loans with the VA can go up to $1,000,000 or more.

Down payment requirements of a VA Jumbo Loan.

Differences with a regular VA Loan and the VA Jumbo loan would be the amount of down payment required. The VA has zero down up to $417,000 and for any amount over the $417,000 up to the loan amount the customer would be required to put 25% of that amount down at closing.

For example- Purchasing a $750,000 home:

No money down on the first $417,000, and only 25% of the difference between $417,000 and the $750,000 (which is $333,000). In this example the customer would have to put a down payment of $83,250 at closing.

Down Payment Percent

Total Down Payment

25% of the $333,000

Additional Information for Jumbo’s.

The funding fee must be paid in cash either by the veteran or the seller.